This increase sees ING topple Bank of Queensland in the savings account interest rate pecking order according to Savings.com.au market research.

Bank of Queensland responded to the RBA's February decision on Wednesday, however flagged no increase to savings accounts. 

ING previously lifted its Savings Maximiser rate to 4.55% p.a. in December following the eighth consecutive RBA cash rate increase.

New and existing ING customers are eligible for the new rate of 4.80% p.a. for balances up to $100,000 from 14 February 2023.

@savings.com.au ING has decided to share the love with savers this Valentines Day, announcing it will increase its popular Savings Maximiser rate to 4.80% p.a. 🦁 To keep up to date with the latest, head to savings.com.au #fintok #fintokaustralia #ausfinance #finance #savingsaccount #moneytok #ing #money #banking #bankingnews ♬ original sound - Savings.com.au

Further, ING will also increase Savings Accelerator account offerings by 0.25% which will see customers with less than $50,000 in their Saving Accelerator will earn an interest of 2.35% p.a., up from 2.10% p.a.

Customers with greater balances of $50,000 to $150,000 in their Saving Accelerator will earn an interest of 3.25% p.a., up from 3.00% p.a., while customers with more than $150,000 in their Saving Accelerator will earn an interest of 3.45% p.a., up from 3.20% p.a.

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ING 4.80% p.a. Savings Maximiser eligibility criteria

To receive ING’s rate of 4.80% p.a. customers must:

  • Deposit at least $1,000 from an external source.
  • Make five or more settled card purchases.
  • Grow the balance on the nominated Savings Maximiser account by making sure the balance of the account is greater at the end of the month than the month prior.

See more: Which banks are increasing savings rates following February's cash rate rise?

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Saver Account (<$250k)

    More details
    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    • No withdrawal notice periods or interest rate penalties
    • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

    Savings Account (Amounts < $250k)

    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    • No withdrawal notice periods or interest rate penalties
    • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
    More details
    000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    *Rate varies on savings amount
    • Deposit $500 per month to get bonus interest
    • 5.50% p.a. available on total savings up to $100k.
    • 5.00% p.a. applies to savings between $100k-250K.
    • Tiered bonus rates apply. (TMDs at ubank.com.au)
    *Rate varies on savings amount

    Save Account (<$100,000)

    • Deposit $500 per month to get bonus interest
    • 5.50% p.a. available on total savings up to $100k.
    • 5.00% p.a. applies to savings between $100k-250K.
    • Tiered bonus rates apply. (TMDs at ubank.com.au)
    More details
    Important Information and Comparison Rate Warning

    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 27, 2024. View disclaimer.

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